Colorado Real Estate Journal - August 17, 2016
A Denver-based buyer picked up a Printers Park property for $2.55 million. The buyer, TWDD MOB LLC, purchased the 30,000-square foot medical office property at 155 Printers Parkway in Colorado Springs from Ocean Blue Equities LLC. “The new owner is planning on reinvesting back into the property,” said John Witt of NavPoint Real Estate Group, who represented the buyer with Matt Call, also of NavPoint. The reinvestment will include renovating the common areas of the building, constructed in 1999, as well as taking care of deferred maintenance. Additionally, the buyer is planning to put together an aggressive leasing strategy to fill up the remaining vacancy at 155 Printers Parkway, added Witt. At the time of sale, the building was 60 percent occupied by tenants primarily on short-term leases. “The value-add component was very attractive to the buyer with the ability to lease up the vacancies and increase cash flow,” said Witt. Cascade Commercial Group’s David Schroeder II and Ted Link represented the seller. Other News Commonwealth recently released its second-quarter apartment sales report for Colorado Springs. The report includes all sales of complexes 30 units and larger. During the quarter, the report noted, there were six closings comprising 857 units with a total sales volume of $56.75 million. There were no Class A sales despite demand for the product at an all-time high as previous Denver buyers are now active in the Springs, equaling more buyers than product, according to Commonwealth. Additionally, no Class B sales closed during the second quarter. Commonwealth reported that two Class C sales closed during the period with the Palo Verde complex commanding the highest price per unit at $87,750 per door. The 72-unit complex built in 1984 is located south of Highway 24 on North Murray Boulevard. The Class C market saw $9.77 million in sales. Within the Class D market, which totaled $46.98 million in sales in the quarter, the highest price paid per square foot was $107 at the Tanglewood apartments. The highest price per unit was paid for the 216-unit Stratus complex at $80,440 per unit while the lowest price per door was $51,210 paid for the 374-unit Summer Grove project. The average price per unit for Class D was $63,742 and the price per sf was $93. A 17-unit apartment building in Pueblo recently traded hands for $525,000, or $30,882 per unit. The property at 625 W. 14th St. is located near the Parkview Medical Center and was sold to an undisclosed buyer. “The seller had owned the building for 24 years and decided to retire and capitalize on current market conditions. The property was very attractive to the buyer due to its location and price per unit,” said Brent Hubbell of Pinnacle Real Estate Advisors LLC, who, with Jeff Johnson of the Johnson Ritter Team represented the seller in the transaction. It was built in 1966. Healthcare Partners Colorado LLC renewed and expanded its lease at 1625 Medical Center Point in Colorado Springs. It signed a 16,151-sf lease. The landlord, Union Medical Campus Owner LLC, was represented by Peter Scoville of Colorado Springs Commercial, a Cushman & Wakefield Alliance. The tenant was represented by Olive Real Estate Group. Colorado Moving & Storage leased a 6,120-sf space at Bally Plaza. It leased the space at 1803 S. Academy Blvd. in Colorado Springs from Pace Bally Plaza LLC. Andrew Oyler of Quantum Commercial Group Inc. represented the tenant. Jay Carlson of Front Range Commercial LLC was the listing agent. Tree House signed a 6,000-sf industrial lease in Colorado Springs. The warehouse space at 34, 36 and 38 Buchanan St. was leased from J. Damien Ltd. Mike Berger of Weichert, Realtors Pikes Peak Group handled the transaction. Additionally, a 4,100-sf lease was inked at 30 Buchanan by Land Marc Sign. Berger handled both sides of the transaction. J. Damien Ltd. was the landlord. Watts Orthodontics recently inked a lease for its fifth location in Douglas and El Paso counties. Cascade Commercial Group’s Ted Link and David Schroeder II represented the tenant in its 2,558-sf lease at 501 S. Tejon St. in Colorado Springs. The appeal of locating in a new bank building with signage opportunities were the deciding factors in locating to the space, according to Cascade Commercial. The landlord was represented by Mike Suggs and Randy Dowis of NAI Highland LLC. Watts Orthodontics will occupy the space near the end of this year.